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We are in the process of reapplying to extend our visas to remain in South Africa, having moved here in jan 2011. We've been informed that we are liable to pay tax at the 5th point on our UK assets. We have no idea how much. Has anyone else had to do this and if so how much? We really want to stay here, the kids are very settled 17&13 hubbies job is fantastic, but I can't work. The eldest child has 2 yrs before he matriculates, as I can't work I need to know now if we will stay here and if so I need to start getting used to being a lady of leisure or do we return after 2 yrs so I can continue my career? I don't want to reach the 5yr stage discover we can't afford to stay, be 45 and struggle to get back into work in the uk. I do intend to study here and I'm doing some voluntary work.
Do you mean pay tax to SARS on your UK assets? I think you would have to declare income on any rentals or interest on investments, but presumably you have declared yourself non dom in the UK and are therefore not paying tax there so it balances out? Sorry I'm not an expert, but I do live in SA
I have come across some really helpful content for expats from Lloyds TSB International who specialise in the financial needs for Expats. My husband and I are thinking about a possible move too. Check out this link www.lloydstsb-offshore.com/guidance/tax-guidance/tax/ and let me know if it's helpful for you too.
I hope you dont mind me writing to you but I was wondering where in SA you are? My husband and I (he is from Cape Town) are looking to move back there. We are living in London at the moment. He would be able to keep his job working from home. And as you can imagine a lot of things to factor into (scools , life, security) ect..